Free to Choose Book Summary - Free to Choose Book explained in key points
Listen to the Intro
00:00

Free to Choose summary

Milton Friedman

The Classic Inquiry Into the Relationship Between Freedom and Economics

4.2 (81 ratings)
15 mins
Table of Contents

    Free to Choose
    summarized in 10 key ideas

    Audio & text in the Blinkist app
    Key idea 1 of 10

    The power of the market lies in voluntary actions by individuals, not in government intervention.

    Today, many people believe that governments should determine the price or supply of goods in the market.

    However, this is wrong; in reality, government intervention creates confusion in the functioning of the market.

    This is because when the government intervenes in the market, it distorts the signals that tell consumers the true value of a good or service.

    For example, during gasoline shortages in the 1970s, the government limited the price that gas stations could charge to keep gas affordable. The direct result of this was a flood of people buying gas at the same time, leading to increased demand and further shortages. Because the price did not rise naturally in response to the shortage, as it would have done in a free market, consumers did not choose to conserve or find alternatives to gasoline.

    Government action therefore exacerbated the crisis.

    Without the proper price transmitting information to consumers, they are unable to know how to spend their money in the most efficient ways.

    So although it might seem strange, the best way to ensure that the market works effectively is to leave it alone. This way, the market is left to individuals voluntarily pursuing their own self-interests. Only by making individual consumers the main actors in the market will the proper value of goods and services, based on their demand and supply, be transmitted.

    One of the most well-known examples of such voluntary action actually comes from outside the economic market: the development of language. This developed from the bottom up with no central control. People cooperated with each other because it was in the interest of the individual as well as the group to share and create common communication.

    When people freely traded words, it benefited both parties – no control or planning by a central authority was needed.

    Want to see all full key ideas from Free to Choose?

    Key ideas in Free to Choose

    More knowledge in less time
    Read or listen
    Read or listen
    Get the key ideas from nonfiction bestsellers in minutes, not hours.
    Find your next read
    Find your next read
    Get book lists curated by experts and personalized recommendations.
    Shortcasts
    Shortcasts New
    We’ve teamed up with podcast creators to bring you key insights from podcasts.

    What is Free to Choose about?

    Free to Choose (1980) explores the relationship between freedom and the choices an individual is allowed to make in regards to the economy. Friedman reveals to us that economic freedom is an essential part of liberty. He details the myriad ways in which government regulations and interventions chip away at our fundamental right to make decisions in our own self-interest.

    Who should read Free to Choose?

    • Anyone wanting to learn about the government’s role in the economy
    • Anyone interested in exploring the benefits of economic freedom
    • Anyone interested in learning more about how free markets work 

    About the Author

    Milton Friedman won the Nobel Prize for economics in 1976. He holds a PhD from Columbia University and was an economic advisor to Ronald Reagan in the 1980s. He has written over 11 books about economics and individual freedom.

    Categories with Free to Choose

    Books like Free to Choose

    People ❤️ Blinkist
    Sven O.

    It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.

    Thi Viet Quynh N.

    Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.

    Jonathan A.

    Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.

    Renee D.

    Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.

    People also liked

    Start growing with Blinkist now
    26 Million
    Downloads on all platforms
    4.7 Stars
    Average ratings on iOS and Google Play
    91%
    Of Blinkist members create a better reading habit*
    *Based on survey data from Blinkist customers
    Powerful ideas from top nonfiction

    Try Blinkist to get the key ideas from 5,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.

    Start your free trial